Man Bags Seven Years Imprisonment for N2m Fraud

Hamilton Nwosa
Writer

Ad

Where Extreme Poverty Rates Are Highest in the World

Key Takeaways Africa is home to 23 of the top 30 countries with the highest rates of extreme poverty. Kosovo ranks in 19th globally in 2024, seeing the highest rates outside of Africa—a country that faces high unemployment rates and ongoing conflict. The Democratic Republic of Congo (DRC) produces roughly three-quarters of the world’s cobalt, it…

Oil Prices Drop as Israel and Hamas Agree to Ceasefire

Oil prices fell in early morning trade on Thursday in Asia as Israel and Hamas agreed to a pause in fighting and a hostages-for-prisoners exchange, under a framework advanced by the Trump administration. Under the agreement, Hamas will release as many as 20 living hostages this weekend, and Israel will pull back forces to a negotiated…

Central Banks Now Hold More Gold Than U.S. Treasuries

Key Takeaways For the first time since 1996, foreign central banks’ gold reserves have overtaken their U.S. Treasury holdings. Persistent gold buying and rising U.S. debt risks are reshaping reserve composition toward hard assets. Central banks have crossed a symbolic line: their combined gold reserves now exceed their U.S. Treasury holdings for the first time…

Ad

Justice Kudirat Jose of the Lagos State High Court sitting in Ikeja, on Wednesday, April 5, 2017, convicted one Odibo F. Kronaghea and sentenced him to seven years imprisonment in a case of obtaining money by false pretence and issuance of dud cheque brought against him by the Economic and Financial Crimes Commission, EFCC.
The convict was arraigned alongside a company named Confido Consult Services Limited on October 15, 2015 on three counts of obtaining money by false pretence and issuance of dud cheque to the tune of N2 million.
One of the counts reads: ‘That you, Odibo Efe Ajibade Krongaghea and Confido Consult Services Limited, on or about the 26th of August 2008, at Lagos within the Ikeja Judicial Division with intent to defraud obtained the sum of N2, 000,000.00 (Two Million Naira) from Judgewell Johnson Effiong by falsely representing that you are fund manager and capital market operator, which representation you knew to be false.’’
The accused pleaded not guilty to the charges preferred against them, thereby setting the stage for their trial.
The prosecution counsel, Abba Mohammed, presented two witnesses and tendered 18 documents as exhibits during the trial.
Delivering his judgment today, Justice Jose sentenced the first accused to seven years imprisonment on count one without an option of fine.
The second accused was ordered to pay a sum of N50, 000 fine.
Justice Jose also ordered the accused to pay the sum of N966, 000.00 in restitution to the victim.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp